INTERNATIONAL
Chinese buyers purchase Brazilian soybeans on price edge over US
A drone image shows a farm worker operating a combine harvester during the soybean harvest season in Brazil's southernmost state, on a farm in Lagoa dos Tres Cantos, Rio Grande do Sul state, Brazil. - REUTERS
SINGAPORE/BEIJING: Chinese soybean importers have stepped up purchases of Brazilian cargoes in recent days as South American prices have eased on expectations that a Beijing–Washington trade deal will pave the way for the resumption of U.S. oilseed sales to the world's largest soybean importer.
AI Brief
Buyers have booked 10 cargoes of Brazilian soybeans for shipment in December and 10 for March-July with South American prices now quoted below offers being made for U.S. cargoes, two traders said.
"Brazil is now cheaper than U.S. Gulf and buyers are taking this opportunity to book cargoes," said a trader at an international company that runs oilseed processing plants in China. "We are seeing increased demand for Brazilian beans since last week."
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AI Brief
- Brazilian soybeans are now cheaper than US Gulf cargoes, driving buyer interest.
- Traders report 20 cargoes booked-10 for December and 10 for March to July.
- Chinese processors are increasing purchases from Brazil due to favorable pricing.
Buyers have booked 10 cargoes of Brazilian soybeans for shipment in December and 10 for March-July with South American prices now quoted below offers being made for U.S. cargoes, two traders said.
"Brazil is now cheaper than U.S. Gulf and buyers are taking this opportunity to book cargoes," said a trader at an international company that runs oilseed processing plants in China. "We are seeing increased demand for Brazilian beans since last week."